Uncovering Hidden Assets in Divorce: How Our Attorneys Can Help

 Posted on May 19,2023 in Divorce

According to Texas law, divorcing couples must disclose all relevant information regarding their assets. This can include property, financial accounts, retirement assets, and more. If you suspect your spouse is dishonest in disclosing their assets, contact a skilled divorce attorney in Collin County. 

Signs Individuals Are Trying to Hide Assets 

Here are some ways an individual might use to conceal marital assets:

• Transferring property or money out of joint possession or a joint account and into the possession of a relative or friend

• Opening overseas accounts or making foreign investments

• Suddenly spending excessive sums of money on unnecessary purchases or activities

• Destroying or altering financial records

• Funneling money into a business entity under the guise of business expenses or additional payroll

• Making payments towards non-existent debts

• Setting up a bank account in your underage child’s name 

• Having valuables and antiques appraised for much lower than what they are worth

How Divorce Attorneys Can Help Uncover Hidden Assets 

One major obstacle in dealing with hidden asset cases is information scarcity. It can be difficult to determine whether your spouse is concealing any assets, and there may only be a vague suspicion without concrete evidence. 

Nevertheless, regardless of your circumstances, there are various solutions accessible. A family attorney in Collin County can employ four essential strategies to assist you in discovering hidden assets during a divorce:

Financial Analysis

The first step to tackling a hidden asset situation is to perform a meticulous and thorough examination of financial records. We can scrutinize financial records to ensure their accuracy when dealing with such cases. Often, such records reveal evidence of concealed assets.

Demand Documents

During a divorce in Texas, both parties are obligated to disclose their financial information. If your spouse hasn't provided sufficient details, we can request the necessary documents. Remember that you have the right to review pertinent financial records before concluding your divorce proceedings.

Deposition 

If required, we can arrange for a deposition of your spouse. This involves asking your spouse specific questions while under oath. Despite evasive behavior, a deposition frequently uncovers valuable information. Additionally, providing false testimony under oath during a deposition can result in severe penalties.

Third-Party Subpoenas

In certain high-asset divorce cases, it becomes necessary to issue subpoenas to third parties. These subpoenas are frequently directed toward banks and other financial institutions. If valid reasons are provided, third parties are legally obligated to provide specific financial records and documents.

Contact a Collin County Hidden Assets Lawyer 

Are you seeking assistance in scrutinizing your spouse's assets for a divorce in Texas? 

Contact a Collin County divorce attorney from the Law Office of Linda Risinger by dialing 972-294-6533 or through our website to schedule a consultation, and we will review your case and address any legal concerns you may have.

Source: https://www.ilga.gov/legislation/ilcs/documents/075000050k503.htm